Interim Results

BRIT Insurance Holdings PLC
December 1, 1999

PRESS RELEASE
For immediate release 1 December 1999
BRIT Insurance Holdings PLC, the specialist insurance and reinsurance group, today announces its interim results for the six months to 30 September 1999.

RESULTS
1999
Pre-tax profit £2.37m
EPS 1.63p
Operating EPS 1.06p
1998 (Restated)
Pre-tax profit £(3.99)m
EPS (1.06p)
Operating EPS 4.93p
HIGHLIGHTS
* Transition from investment trust to insurance holding company
* Acquisition of Wren plc completed July 1999
* Acquisition of BRIT Insurance Limited completed November 1999
* Financial performance in line with expectations
* Management team in place to drive business forward
Neil Eckert, Chief Executive, said:
“It is ironic that the best opportunities to make significant underwriting profits must necessarily be preceded by highly adverse market sentiment and a scarcity of capital. We have been consistent in our strategy to build a high quality specialist insurance business with a short term focus on capital preservation. There are now definite signs that the tide is turning in three of our specialist classes. Your Company has been through a difficult part of the insurance cycle since launch, but our underwriters now have some grounds for optimism.”

For further information, please contact:
Neil Eckert/Jo Welman, BRIT Insurance Holdings PLC
020 7578 7147
David Haggie, Haggie Financial Limited
020 7417 8989

Back To News

Interim Results

BRIT Insurance Holdings PLCDecember 1, 1999

BRIT Insurance Holdings PLC
December 1, 1999